Sesen Bio (NASDAQ:SESN) Rating Increased to Hold at Zacks Investment Research

Sesen Bio (NASDAQ:SESN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Sesen Bio Inc. is a late-stage company developing next-generation antibody-drug conjugate therapies for patients with cancer. The company’s product portfolio includes Vicinium(TM) which is in its clinical trial, treats high-grade non-muscle invasive bladder cancer. Sesen Bio Inc., formerly known as Eleven Biotherapeutics, is based in Massachusetts, United States. “

SESN has been the subject of several other reports. Laidlaw cut shares of Sesen Bio from a “buy” rating to a “hold” rating in a report on Friday, August 9th. ValuEngine raised shares of Sesen Bio from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, HC Wainwright raised shares of Sesen Bio from a “neutral” rating to a “buy” rating and increased their price target for the stock from $1.00 to $3.00 in a report on Tuesday, June 11th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $2.50.

Shares of NASDAQ:SESN opened at $1.11 on Wednesday. The company has a 50-day simple moving average of $1.26. Sesen Bio has a one year low of $0.66 and a one year high of $2.60. The stock has a market capitalization of $92.18 million, a PE ratio of -2.02 and a beta of 0.66.

Sesen Bio (NASDAQ:SESN) last announced its earnings results on Monday, May 13th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). On average, analysts anticipate that Sesen Bio will post -0.33 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC raised its holdings in Sesen Bio by 32.5% during the fourth quarter. Millennium Management LLC now owns 1,099,897 shares of the company’s stock worth $1,562,000 after purchasing an additional 269,863 shares in the last quarter. Virtu Financial LLC purchased a new position in Sesen Bio during the first quarter worth about $88,000. Front Street Capital Management Inc. raised its holdings in Sesen Bio by 34.4% during the first quarter. Front Street Capital Management Inc. now owns 43,000 shares of the company’s stock worth $44,000 after purchasing an additional 11,000 shares in the last quarter. Two Sigma Investments LP purchased a new position in Sesen Bio in the fourth quarter valued at about $34,000. Finally, Jane Street Group LLC purchased a new position in Sesen Bio in the fourth quarter valued at about $41,000. 24.27% of the stock is owned by hedge funds and other institutional investors.

About Sesen Bio

Sesen Bio, Inc, a late-stage clinical company, develops next-generation antibody-drug conjugate therapies for patients with cancer. It develops its products based on its Targeted Protein Therapeutics (TPTs) platform. The company's lead product candidate is Vicinium, a fusion protein that is in Phase III clinical trial for the treatment of high-grade non-muscle invasive bladder cancer.

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